Taxation of multinational corporations: the Biden/Yellen line
Everyone at the OECD, the G7 and the G20 is expecting the Biden administration’s position on the very tense issue of the reform of international taxation of multinationals corporations. It is almost certain that contrary to the wishes of many countries, including France, the new American administration, represented by Janet Yellen, will not agree to target only the digital sector.
On January 28th, the OECD hosted a virtual event on the reform of the international taxation system of multinationals, with a much-anticipated debate between the finance ministers of Germany, Indonesia, Canada, the United Kingdom, Italy and Jamaica. Discussions aimed at establishing new international agreements allowing an allocation of profits adapted to the digital age and the internationalization of trade (Pillar 1), but also a minimum taxation (Pillar 2) have been going on for more than two years now. Some countries are getting impatient, and have taken matters into their own hands, with unilateral taxes limited to digital services. Problem: these taxes mostly concern American companies, and have led to retaliatory measures and/or threats of retaliation from Donald Trump’s…
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